The Telangana government will notify the Real Estate (Regulation and Development) rules soon.
Minister for municipal administration and urban development K T Rama Rao today directed officials to prepare draft rules and submit it to the government for approval, an official release said.
"The government is closely studying all the rules notified by various state governments and also the rules notified by the Centre for union territories.
"Protecting the interest of the buyer is of paramount importance for the government," the release said quoting the minister.
KTR however, felt that the genuine concerns of the real estate sector which is a huge provider of employment should also be addressed duly protecting buyers while framing the rules, it said.
Currently a total of 23 million square feet of built up area is being developed in the city.
The RERA Act (Real Estate Regulatory Act) mandates the setting up of the real estate regulation authority and the appellate tribunal.
The Act also mandates all builders to register their projects with a state level regulatory authority.
To do this the state government has to prepare its own version of the rules and place it in the legislature in the next session.
The drafting of the bill has already been initiated, the release added.
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